S&P Futures Update for July 31, 2012

 

The S&Ps took a breather after rallying 50+ handles in the last 4 sessions. We opened almost at the center of the Upper Distribution from Friday - which meant opening in Balance and limited opportunities. Value and POC were unchanged. As stated in yesterday's and this morning's Blog Post - the S&P tested 1376 - breakout level and held. Treat Friday's upper distribution and today's profile as a 2-day Balance. The first sign of change will be price acceptance and lower value relative to this 2-day balance. There are still some shorts in this market.

A lot of economic news due out this week. The Federal Open Market Committee will announce a policy decision Wednesday, and the European Central Bank will convene press conference on Aug. 2. All eyes are on the Employment number due out this Friday, Aug 3.